South African Casino Company Says Goodbye To Apartheid
8 November 2005
Sun International, the owners of Sun City casino resort, are trying to forget about apartheid by bringing in black shareholders. Accordingly, Sun International has agreed to sell 7 percent of its shares to black investors. This deal is worth 604 million rand ($90.1 million).
The South African government has put pressure on many companies to meet quotas with regards to black ownership and employment in order to create a balance in the country. Sun International and black-run groups have already teamed up for new casino projects, and this is the first time that the company has had to sell a stake of its shares to black investors.
During the apartheid era, the Sun City resort was the focus of a worldwide campaign against apartheid when it attempted to attract music icons who were trying to boycott a white-led South Africa.
Sun International is South Africa's largest casino and hotel company. Thousands of people visit Sun City as well as many other casino complexes each day. The growth of South Africa's black middle class can be seen as the main cause for the rising popularity of these casino complexes.
Source: Authorized Online Casinos News Staff
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